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Save that money for a rainy day: how the weather affects your wallet

Posted: Aug 24 2017 11:00PM EDT

Video Posted: Aug 24 2017 11:00PM EDT

LOS ANGELES -

Many studies have discussed the sun’s effect on mood, but a new study suggests it can also affect your wallet.

According to a study published in PLOS ONE, researchers from the University of Sydney and New York University measured the amount of sunlight people are exposed to and its impact, if any, on monetary decisions.

On sunny days, people were more likely to take unknown financial risks but avoided known risks.

For example, on those days, the study’s subjects were more likely to go for an unknown chance of getting $20 over taking a certain $5 payout but avoided the chance of winning $20 when they knew they only had a 50% chance.

Professor Agnieszka Tymula, The co-author of the new study, released a statement saying, “On the days with higher light intensity, people made worse decisions…” And believes that this research could have “significant effects on financial markets.”

So it looks like when it’s time to make an important financial decision, don’t let the sun get to your head, and consider saving it for a rainy day.